Hanoi develops as dynamic, pioneering, innovation city: Int’l media

Foreign visitors in Hanoi (Photo: https://hanoimoi.vn/)

Hanoi is thriving as the dynamic capital of Vietnam. It has overcome numerous difficulties and challenges, achieving many successes to ensure that Thang Long - Hanoi remains worthy of its title as the heart of Vietnam.

Media agencies have noted that Hanoi is a hub of opportunity and growth. It is conveniently connected to most capital cities of other ASEAN member countries, and the centre of infrastructure advancements of Vietnam with ongoing projects such as new urban railway lines and connection roads.

They said that this bustling city also proudly stands as an attractive destination for foreign direct investment (FDI) inflows. The combination of strategic location, infrastructure development, and cost-efficiency has positioned Hanoi as an ideal location for business establishment and investment in the region.

In recent years, the city has organised foreign investment outreach conferences, focusing on solutions to attract multinational corporations’ investment into the capital. The improved business environment has contributed to luring domestic companies, as well as international businesses and corporations to invest in industrial zones.

Not only focusing on developing incentive policies for investors, Hanoi also promotes the development of industrial parks (IPs), especially high-tech parks.

FDI enterprises highly value Hanoi's efforts in improving the business environment. As a result, many foreign-invested corporations have confirmed their plans to choose Hanoi as the location to expand their investment and business in the coming years, especially in the hi-tech industry.

According to the Vietnam Briefing newswire, Hanoi ranks among the top five destinations for foreign capital.

In line with the Vietnam government’s overarching strategy to boost investment promotion, Hanoi has undertaken comprehensive reforms aimed at attracting FDI across various sectors, including high added-value industries such as manufacturing, logistics, tourism, education, health care, and clean energy, it noted.

The municipal administration has set ambitious economic plans for key industries, with a special emphasis on technology, construction projects, tourism, and urban development. The city aims to position itself as a leader in digital transformation and innovation by 2025, fostering a robust digital economy and startup ecosystem. Additionally, significant investments are earmarked for transport infrastructure projects, including metro lines, to alleviate traffic congestion and improve the quality of life for residents.

To drive growth and achieve its investment targets, Hanoi is striving to attract up to 40 billion in FDI between 2021 and 2025, focusing on urban planning, clean water accessibility, and smart city initiatives. Part of its strategy to achieve this will include tackling hindrance to foreign investment, such as the slow development of industrial zones and clusters, high land rentals, and the small scale of support industry. The capital city is also committed to addressing environmental challenges, such as air pollution, which can impact its attractiveness to investors if left unmitigated.

Looking ahead, Hanoi aims to strengthen partnerships with key FDI markets, including the Republic of Korea (RoK), Singapore, Taiwan (China), the US, Europe, Australia, and New Zealand. Immediate priorities include optimising public funds allocation, streamlining administrative procedures, and enhancing budget management.

The charming capital of Vietnam has won the hearts of many foreign tourists thanks to its rich culture, beautiful east-meet-west buildings, and wonderful street food.

In a travel article on Vietnam, Canada’s Thetravel.com said that it's no surprise that Hanoi, as the capital, is one of the most visited cities in Vietnam, along with Ho Chi Minh City and Ha Long Bay.

"Dubbed the 'Paris of the East', Hanoi is a sightseer's paradise for its landmarks with French influences mixed with Vietnamese motifs. This metropolis is jam-packed with attractions that cater to tourists of all tastes," the article said.

Hanoi is also the cradle of preserving and promoting Vietnam's cultural heritage. Hanoians infuse their cultural and artistic identity into their cultural creations. The capital city's famous dishes have contributed significantly to putting Vietnamese cuisine on the world culinary map.

The capital city topped the list of the Best Food Destination 2024 voted by readers of the world's largest travel guidance platform TripAdvisor./.